From BigGo Finance · BigGo Finance · · 1m 50s
Zijin Mining's Q3 Profit Slides as New Chairman Plans Tech-Driven Growth
Zijin Mining's quarterly profit fell for two straight quarters as new chairman Zou Laichang outlines tech-focused growth strategy for next decade.
In brief
Zijin Mining's quarterly profit fell for two straight quarters as new chairman Zou Laichang outlines tech-focused growth strategy for next decade. Zijin Mining reported 57.5 billion yuan net profit for first three quarters but quarterly profit dropped to 18.356 billion yuan in Q3 as new chairman Zou Laichang focuses…
Zijin Mining Q3 Report
Zijin Mining reported first three quarters revenue of 283.453 billion yuan, up 11.51% year on year.
Net Profit Growth
Net profit attributable to shareholders reached 57.526 billion yuan, up 51.93% year on year.
Quarterly Profit Decline
Quarterly profit fell to 18.356 billion yuan for the third quarter, down from 20.1 billion yuan in Q1.
Revenue Growth Slowing
Revenue growth narrowed to 3.22% year on year in Q3, down from 100% in Q1.
Gold Price Surge
Average gold price rose 33% to 995.77 yuan per gram year on year.
Copper Price Surge
Copper concentrate price increased 39% to 84,500 yuan per ton year on year.
Silver Price Surge
Silver price doubled from 6.05 to 12.81 yuan per gram year on year.
Gross Margin Boost
Mining gross margin rose from 60.62% to 68.38% year on year.
Chifeng Gold Acquisition
Zijin Mining acquired Chifeng Gold for 18.258 billion yuan to bolster gold reserves.
New Chairman Zou Laichang
Zou Laichang, 58, succeeded Chen Jinghe as chairman after 44-year mining career ended.
Tech-Focused Strategy
Zou Laichang plans to build global competitiveness with technology as the guiding force for next decade.
Market Reaction
Zijin Mining shares fell 14% this year and 36% from January high after strong earnings growth.
The headline
Zijin Mining reported 57.5 billion yuan net profit for first three quarters but quarterly profit dropped to 18.356 billion yuan in Q3 as new chairman Zou Laichang focuses on technology-driven global competitiveness.
